Employee Benefits Insurance
Post-Pandemic Employee Wellbeing: A Priority Shift
Just as the landscape of work has been rapidly evolving, so too should the ways we protect and value our employees. Introducing the Life/Work Shield, a novel approach to employee benefits that not only safeguards your workforce but also signifies your commitment to their wellbeing.
Our multi-disciplined team partnered with our sister company Steadfast Life who provide best in class products on a range of services to help businesses understand and manage people risk.
The following information is created by, and relates to services provided by, Steadfast Life Pty Ltd.
What is EB Insurance?
What is Employee Benefits Insurance?
Employee Benefits Insurance, also known as workplace benefits or staff benefits, is a specialised insurance package provided by Australian employers to their employees. This comprehensive coverage offers financial protection and support to the workforce and their families, encompassing various benefits such as life insurance, disability insurance, income protection, and wellness programs.
The Urgent 'What If?'
The 'Great Resignation' following the pandemic has escalated the significance of employee wellbeing and job stability. As employers, we must prioritize our employees' wellness, especially during unsettling times. Topics like flexible work and mental health support are trending, highlighting the need for holistic employee benefits. One such overlooked aspect is financial health. Recent surveys indicate 72% of employees prioritize family safety more than ever, 62% consider employer-provided benefits more crucial due to the pandemic, but 39% claim their employers don't offer wellness-oriented benefits.
Financial Health: An Integral Part of Wellbeing
The definition of health in the workplace must expand to include financial wellbeing alongside physical and mental health. Financial stress is a key employee concern and negatively affects mental health and productivity. Data reveals 87% of employees are financially stressed, and 27% see a productivity drop due to financial worries. The situation is severe in Australia, with 1.8 million workers reporting considerable financial stress in 2020.
Why EB insurance is important?
Why is Employee Benefits Insurance Important?
Employee Benefits Insurance holds significant importance in the workplace as it plays a crucial role in attracting and retaining skilled talent. By offering a comprehensive benefits package, companies can enhance their appeal to potential employees, making them more competitive in the job market. This leads to increased job satisfaction and loyalty among the workforce, fostering a positive and productive work environment.
In addition, Employee Benefits Insurance provides essential financial security to employees during challenging times. Whether facing health issues, disability, or planning for financial security, the benefits offered by this insurance scheme serve as a safety net, providing peace of mind and stability for employees and their families.
The Benefits of Life/Work Shield
Life/Work Shield offers a single policy that covers everyone in your business, simplifying administration and even covering pre-existing conditions. This tangible safety net not only gives your employees peace of mind but also protects your business from the financial impacts of unexpected events. With competitive pricing and sustainable rate guarantees, Life/Work Shield is an affordable and valuable addition to your employee benefits package.
Introducing Life/Work Shield: Redefining Employee Benefits
We address these issues with innovative solutions, delivering significant value to your business and employees. Our redefined group life insurance approach aligns with the current business landscape, introducing a tangible 'financial security' benefit for your employees. Life/Work Shield is a customized life insurance policy covering your entire team. You can tailor your coverage to include:
- Salary replacement for any illness or injury
- Lump-sum payments upon death or permanent incapacitation
With Life/Work Shield, both you and your employees enjoy security and peace of mind.
All Life/Work Shield programs are supported by a comprehensive employee wellbeing program, which ensures your employees have access to valuable resources in addition to insurance.
How It Works
How It Works
- Consultation: We discuss your business with relevant stakeholders to understand your situation, priorities, and needs.
- Recommendations: We develop a strategy based on what we learn and present it to you.
- Application: Once you approve, we handle the application process on your behalf.
- Implementation: We introduce Life/Work Shield to your business and explain the benefits and workings to your employees.
- Ongoing Support: We provide a personal level of support to your employees, to help them keep life on track.
Why Network Insurance for EB?
Why Network Insurance for Employee Benefits?
At Network Insurance we partner with our sister company Steadfast Life to provide a best in class product. We understand that fostering a content and healthy workforce is vital for attracting top talent, boosting productivity, and propelling your company towards unprecedented growth. That's why we take pride in our team of seasoned Employee Benefits Specialists, wholly committed to achieving precisely that.
Join us on the journey to unlock the full potential of your employees' well-being, engagement, and satisfaction. Together, let's build a thriving workplace that sets the stage for unrivalled success. Experience the transformative impact of our Employee Benefits expertise today.
Employee Benefits Insurance
- The Life/Work Shield is a novel approach to employee benefits that prioritises employee wellbeing and job stability.
- Financial health is often overlooked but is crucial for overall employee wellbeing.
- Financial stress negatively impacts mental health and productivity, with a high percentage of employees experiencing financial stress.
- It simplifies administration, covers pre-existing conditions, and provides a safety net for unexpected events.
- Life/Work Shield is an affordable and valuable addition to your employee benefits package.
How to put it in action?
How to put it in action
Employers work with Network insurance to customise a range of benefits suitable for their employees' needs. These benefits are integrated into the overall employment package.
Upon enrolment, eligible employees gain access to the selected benefits, often with the flexibility to choose coverage levels based on their individual circumstances. In the event of a covered incident, such as a medical issue or disability, employees can file claims with the insurance provider. The insurer processes these claims and, upon approval, settles the benefits accordingly, providing crucial financial support when needed.
The Shield in Action
Give your people the peace of mind that comes with knowing that they will be taken care of if the unexpected happens.
A single plan that covers everyone
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A tangible safety net for employees
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Protection for your business
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Cost effective pricing
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Take care of and retain your talent
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Build a wellbeing culture
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Demonstrate your duty of care
Contact us
Contact us
Employee Benefits Insurance is a vital tool that safeguards the financial well-being of employees, contributes to a positive work culture, and strengthens the employer-employee relationship, ultimately contributing to the overall success of businesses and the welfare of their workforce. Get in touch with us to find out how we can partner with you to protect what matters for your employees and their families.
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